BTC and ETH May Break Link With Equities Market This Week

Santiment revealed in an X post earlier today that the next week will indicate whether the cryptocurrency market is still tied to the equities market or whether the digital asset market will enter into a bull run. According to the post, the S&P 500 index had a big week after the cryptocurrency market leaders Bitcoin (BTC) and Ethereum (ETH) cooled down.

📊 The #SP500 had a big week after #Bitcoin & #Ethereum have cooled down. With the sectors now each having their ‘time in the sun’, this next week will indicate whether #crypto is still tied to #equities, or whether assets can prepare for a #bullrun. https://t.co/R9moWBoqCx pic.twitter.com/FNddr1T8PM

— Santiment (@santimentfeed) November 4, 2023

Since the S&P 500 index jumped more than 6% in the past 4 days while the leading cryptocurrencies traded flat, the coming week will reveal if the digital asset sector can finally rid itself of its link with the equities market. If cryptocurrencies are able to establish their independence, then they might be able to enter the next bull cycle, according to Santiment.

At press time, data from the cryptocurrency market tracking website CoinMarketCap indicated that both ETH and BTC were able to print 24-hour gains. BTC was changing hands at $34,941.48 after its price rose 1.12%. Meanwhile, the largest altcoin in terms of market cap recorded a 2.03% 24-hour gain – boosting its price to $1,835.44 as a result.

Their positive performances throughout the past 24 hours also pushed their respective weekly performances deeper into the green zone. At press time, CoinMarketCap data indicated that BTC was up 2.30% over the past 7 days. Meanwhile, ETH was up 2.55% for the same period.

Meanwhile, BTC was trading at its 24-hour high at press time, with its daily low situated at $34,11.97. Despite the leading cryptocurrency’s latest price increase, its dominance was down 0.20%. This suggests that altcoins were able to outperform BTC during the past 24 hours of trading. Subsequently, BTC accounted for 52.48% of the cryptocurrency sector’s market cap.

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